Inheritance Tax & Gifts
Inheritance Tax (IHT) can significantly reduce the value of your estate, but with proper planning, much of this tax can be minimised or even avoided. Making gifts during your lifetime is a key strategy for reducing IHT liability while supporting your loved ones.
How It Works
Inheritance Tax is currently charged at 40% on estates worth more than the tax-free threshold of £325,000 for a single person. An additional Residence nil-rate band of £175,000 may also be available where a main home is passed to a direct lineal descendant. However, with the right planning, you can reduce or even eliminate this tax liability. At Anglian Wealth Management, we offer a range of IHT mitigation strategies, including gifting assets, setting up trusts, and ensuring your will is tax-efficient.
Making gifts during your lifetime can be a rewarding way to reduce your IHT liability, whether it’s helping a child buy their first home or donating to a charity. You can gift up to £3,000 each year tax-free, and additional exemptions are available for certain life events, such as weddings.
Key Benefits
- Minimise IHT: Reduce your estate’s IHT liability through gifting and tax-efficient strategies.
- Support Your Loved Ones: Make financial gifts during your lifetime to help your children or grandchildren get a strong start in life.
- Charitable Giving: Leave a lasting legacy by making tax-efficient gifts to charities.
The levels and bases of taxation and reliefs from taxation can change at any time. Tax relief is dependent on individual circumstances.
Trusts are not regulated by the Financial Conduct Authority.
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